Apple Inc. (NASDAQ: AAPL) Securities Fraud Class Action

LEAD PLAINTIFF DEADLINE IS AUGUST 19, 2025.

If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.

Case Background:
A class action lawsuit was filed on behalf of those who purchased or otherwise acquired Apple Inc. (“Apple”) (NASDAQ: AAPL) securities between June 10, 2024, and June 9, 2025, inclusive (the “Class Period”).

The Class Period begins on June 10, 2024, when Apple issued a press release entitled “Introducing Apple Intelligence, the personal intelligence system that puts powerful generative models at the core of iPhone, iPad, and Mac.” Specifically, the press release touted upgrades to Apple’s Siri digital assistant including, among other things, that Apple Intelligence will make Siri "more deeply integrated into the system experience," and "[w]ith richer language-understanding capabilities, Siri is more natural, more contextually relevant, and more personal, with the ability to simplify and accelerate everyday tasks. It can follow along if users stumble over words and maintain context from one request to the next." 

On March 7, 2025, Apple announced that it was indefinitely delaying promised updates to its Siri digital assistant. Specifically, multiple news outlets quoted an Apple spokeswoman as stating that certain features initially announced in June 2024, including Siri's ability to tap into a user's personal information to answer queries and have more precise control over apps, were "tak[ing] [] longer [to deliver] than [the company] thought" and will now be released sometime in "the coming year." That same day, a statement was published by John Gruber, the writer and producer of the technology-focused weblog Daring Fireball, who criticized Apple's promised AI-based Siri features as having been "vaporware" (imaginary) and Apple's 2024 Worldwide Developer Conference advertising as being, in retrospect, merely a "concept video." In addition, Apple stopped running advertisements promoting the advanced AI-based Siri features and pulled those advertisements from its website and YouTube account.  On this news, Apple's stock price fell $11.59 per share, or 4.85%, to close at $227.48 per share on March 10, 2025.

Then, on March 12, 2025, Morgan Stanley published a report in which analyst Erik Woodring lowered his price target on Apple from $275 to $252, asserting that the delay in introducing advanced Siri features would impact iPhone upgrade cycles throughout 2025 and 2026. Specifically, Woodring presented evidence that roughly 50% of iPhone owners who did not upgrade to the iPhone 16 attributed their decision to such delays.  On this news, Apple's stock price fell $11.16 per share, or 5.05%, over the following two trading sessions, to close at $209.68 per share on March 13, 2025.

Then, on April 3, 2025, the Wall Street Journal published an article entitled "Apple and Amazon Promised Us Revolutionary AI. We're Still Waiting." Specifically, the Wall Street Journal stated, in relevant part, that "[w]ith ‘more personal' Siri [. . .], the tech giant[] marketed features [it] ha[s] yet to deliver," and suggested that while "this is challenging technology and the cost of getting it wrong is devastatingly high, especially for [a] company[y] like Apple [. . .] that must build trust with customers," "the same responsibility applies to marketing: They shouldn't announce products until they're sure they can deliver them."  On this news, Apple's stock price fell $14.79 per share, or 7.28%, to close at $188.13 per share on April 4, 2025.

Finally, on June 9, 2025, Apple hosted its 2025 Worldwide Developer Conference), almost one year to the day after first announcing the suite of supposedly forthcoming Apple Intelligence features at the conference in 2024. Conspicuously, Apple failed to announce any new updates regarding advanced Siri features. Analysts and media outlets variously described the 2025 conference as "underwhelming" and "disappointing," with CNN commenting that "it's unlikely that any of the announcements made at Monday's event will change the perception that Apple is behind its competitors in AI."  Following this event, Apple's stock price fell another $2.47 per share, or 1.21%, to close at $201.45 per share on June 9, 2025.

The complaint alleges that, throughout the Class Period, Defendants made false and misleading statements and/or failed to disclose that: (1) Apple misstated the time it would take to integrate the advanced AI-based Siri features into its devices; (2) accordingly, it was highly unlikely that these features would be available for the iPhone 16; (3) the lack of such advanced AI-based features would hurt iPhone 16 sales; (4) as a result, Apple’s business and/or financial prospects were overstated; and (5) as a result, the company’s public statements were materially false and misleading at all relevant times.
 

What is a Lead Plaintiff?

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.